One of the top commercial property markets in the world, the New York Metropolitan Area can easily meet the office rental spaces for your business, no matter its size. With New York City as its financial center, the New York Metro region attracts both business and tourism, making it the perfect location for your business venture. Office space is readily available, ranging in size from 200 to 40,000 square feet, perfect for any retail, restaurant, industrial, or medical building requirements.
More expensive rental properties for lease in the state of New York, including office space for rent and commercial space for rent, are found in the more densely populated neighborhood zones and sections of New York City, such as Manhattan and Queens, while less expensive rental properties can be found in the Newark and Trenton areas, both offering quick commutes to the city center, but at more reasonable prices. Manhattan office spaces range anywhere from $28-$65 per square foot, while those in Newark begin at only $12 per square foot.
The New York Metropolitan Area is one of the most vital economic regions of the world, with a gross metropolitan product of $1.28 trillion, only trailing behind world leader, Tokyo, Japan. The NYC economy has rebounded from the stock market crisis of 2008 and has experienced steady growth. The financial hub of Wall Street, home to the New York Stock Exchange and NASDAQ, is one of the key pillars of economic life in NYC, making New York and the surrounding metro area appealing for investors and business owners.
Many of the nation’s industries, from finance and international banking and trade to biotechnology and manufacturing, are headquartered in the Metro area. Entertainment and news media also make a heavy footprint in the region. The headquarters of Reuters, The New York Times, Associated Press, NBC Universal, Fox News, and Time Warner are just a few of the news and media agencies that call New York home. The ports of New Jersey provide further economic stimulus to the area, as they serve as major shipping terminals, connecting the United States to the international world.
CNN Money has ranked the New York Metropolitan Area as one of the Top 10 smartest areas in the United States. In residents over 25 years of age, more than 50% have completed some amount of college education, clearly evidenced in the abundance of educational institutions found throughout the region. Several universities such as New York University and Rockefeller University can be found here, as can three Ivy League Schools. Drawing the best and the brightest to the region, Columbia, Princeton, and Yale Universities are all located in the greater Metro area.
From sports teams to prominent cultural institutions and performing arts venues such as Broadway and Newark’s Prudential Center, the Metropolitan area is a hub of activity, attracting residents and visitors to its many activities. Landmarks such as the Statue of Liberty, the Empire State Building, Rockefeller Center, and Times Square draw tourists from the world over.
Transportation options abound throughout the Metro area. The many stops along the New York City subway make travel to work quite accommodating for residents. Further options of travel include several commuter rails and bus lines such as the Long Island Rail Road, major highways, bridges, and tunnels, easily connecting commuters to employment opportunities. Three large airports also serve the region, including LaGuardia, John F. Kennedy International Airport, and Newark Liberty International.
The New York Metropolitan Area features a wide variety of communities, many of which have evolved in a unique fashion that is largely independent of New York City, the largest city by population in the United States. The numerous economic opportunities that resulted from close proximity to the Hudson River have ensured that communities situated on the northern outskirts of the metropolitan area have retained a level of economic vibrancy that has helped the state continue to thrive. As a general rule, the New York Metropolitan Area was created by developing a unique classification for communities in New Jersey, New York, Connecticut and Pennsylvania, which relied upon one another for trade and other economic interactions. Many of these communities, including New York City itself, were first founded during the British colonial efforts on the continent.
With a population of over 22 million, the New York Metropolitan area is the most populated region in all of the United States. Geographically and ethnically diverse, the region is home to the largest Jewish community outside Israel and also has large concentrations of Indian and Asian Americans, most notably from China and Korea. Other ethnicities represented in the Metro area include large Italian and African American populations.
The median age of residents within the region is approximately 38, with the largest groups being between 25-64 years of age. 30% of the residents of the area have children, while close to half of all households are comprised of married couples. Due to the extreme wealth of the Metro Area, the cost of living in the region ranks among the highest in the country, with an average combined family income of $108,000. Single households average approximately $90,000.
As could probably be expected, the New York Metropolitan Area is expected to grow significantly in upcoming years on both a population and economic level. The sheer diversity of the numerous business establishments found here has helped the region develop a sustainable platform on which future growth can occur.
Retail and commercial real estate options are quite plentiful in the area, but the spaces closer to the city center carry a heavier price tag for business owners. If you wish to be in the heart of commerce and culture, Midtown Manhattan is the perfect location for your business, where the city’s tallest skyscrapers and most prominent apartment buildings and hotels can be found. Newly constructed and renovated spaces dot the landscape of the redeveloped city skyline of ethnically diverse Queens, most notably the Citibank Building, a 500-foot tall skyscraper. It is important to keep in mind, however, that these areas fetch a price tag beginning at approximately $30 per square foot. If you prefer affordable locations, look outside of the city center in areas such as Trenton, NJ or New Haven, CT, where square footage can be found for less than $10 per square foot, but still within easy reach of the city.